🟨 At a Glance
Cellecor Gadgets is the kind of SME stock that shows up at ₹92 with influencer collabs, collapses to ₹27 like a bad tripod, and then slowly earns its stripes by doing ₹1,000+ Cr in FY25 revenue. In just 3 years, it’s grown faster than your screen time and with 25% ROE, 24% ROCE, and an actual reinvestment by promoters, the company may just be India’s first “Dixon-on-a-budget” story.
1. 🧲 Introduction: From TikTok Accessories to SME Rocketship
Let’s get real — when Cellecor listed, most people thought it was a classic SME pump-and-dump: big promises, ₹2 chargers, and zero margins.
And yet, three years later:
- 📈 Revenue: ₹0 → ₹1,026 Cr
- 💰 Profit: ₹-0.2 Cr → ₹31 Cr
- 💪 ROE: 25%
- 📦 Products: From power banks to LED TVs, smartwatches, and now… kitchen appliances?
That’s not a scam. That’s D2C warfare — and Cellecor’s holding a Bluetooth-enabled bazooka.
2. 🛒 WTF Do They Even Do?
Cellecor doesn’t manufacture. It curates.
📦 Business Model:
- Sources mobile accessories, smart TVs, wearables, and gadgets from OEMs
- Slaps its brand on them (private label model)
- Sells across general trade (kirana-style), modern trade (Reliance, Spencer’s), and online (Amazon, Flipkart, company site)
🆕 New Vertical in FY26: Kitchen appliances – toasters, kettles, induction cooktops — the kind your mother won’t need but Instagram might.
3. 📈 Financials – The Growth Is Not a Joke
| Metric | FY22 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹121 Cr | ₹500 Cr | ₹1,026 Cr |
| PAT | ₹2 Cr | ₹16 Cr | ₹31 Cr |
| OPM | 2% | 6% | 5% |
| ROE | 64% | 29% | 25% |
| ROCE | 171% | 29% | 24% |
🏎️ 3-Year Sales CAGR: 104%
💥 3-Year Profit CAGR: 144%
That’s faster than most startups with Series B funding. Except this one’s profitable.
4. 🧮 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Cellecor | Dixon | PG Electroplast |
|---|---|---|---|
| P/E | 27x | 112x | 74x |
| ROE | 25% | 33% | 15% |
| OPM | 5% | 3.9% | 9.9% |
| CMP / BV | 5.39x | 28.6x | 7.54x |
Cellecor is cheap-ish by consumer electronics standards — not “bargain bin,” but definitely not frothy either.
🧠 EduFair™ Value Range
- EPS FY25 = ₹1.42
- Base Case (25x) = ₹35.5
- Expansion Case (35x) = ₹49.7
- High Growth Case (40x) = ₹57
🎯 EduFair™ Range: ₹35–₹57
CMP ₹38.6 — fair, possibly mildly undervalued if new appliances biz clicks.
5. 🔍 What’s Cooking – Triggers & Gossip
📦 Zomato Collab: Supplying 10,000 smart gadgets via Zomato delivery partner app
🔥 Kitchen Appliances Launch: Projected ₹100 Cr vertical – FY26
📉 Promoter Drama: Sold 10M shares… then pumped ₹40 Cr back into the business via equity + loans (lol, what?)
🟢 Interpretation: This is not an exit — it’s a rotation. They’re taking money off the table, but staying very much in the ring.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity + Reserves | ₹14 Cr | ₹69 Cr | ₹134 Cr |
| Borrowings | ₹21 Cr | ₹75 Cr | ₹121 Cr |
| Net Worth | ₹14 Cr → ₹134 Cr (10x in 2 years) | ||
| Fixed Assets | ₹1 Cr → ₹19 Cr | ||
| Cash from Ops | NEGATIVE all 3 years (😬) |
This is the biggest issue — no free cash flow. All growth is being fuelled by debt and equity raises.
7. 💸 Cash Flow – Sab Growth, No Juice?
| Year | CFO | CFI | CFF |
|---|---|---|---|
| FY23 | ₹-21 Cr | ₹-2 Cr | ₹22 Cr |
| FY24 | ₹-102 Cr | ₹-1 Cr | ₹107 Cr |
| FY25 | ₹-34 Cr | ₹-18 Cr | ₹69 Cr |
That’s a lot of burn for a company that’s supposed to be profitable.
Verdict: Operating model needs cash optimization. Inventory days = 87, receivable days = 15, but payables only 17 → cash cycle = 😩
8. 🔢 Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROE | 25.1% |
| ROCE | 24.2% |
| OPM | 5.3% |
| D/E | ~0.9x |
| P/E | 27.2x |
🎯 Return ratios are solid.
⚠️ Leverage is creeping up.
🚫 No dividend yet — reinvesting for scale.
9. 💰 P&L Breakdown – Show Me the Money
| FY | Revenue | PAT | EPS |
|---|---|---|---|
| FY21 | ₹0 Cr | ₹-0.2 Cr | ₹-0.20 |
| FY22 | ₹121 Cr | ₹2 Cr | ₹21.4 (pre-split) |
| FY23 | ₹264 Cr | ₹8 Cr | ₹0.73 |
| FY24 | ₹500 Cr | ₹16 Cr | ₹0.77 |
| FY25 | ₹1,026 Cr | ₹31 Cr | ₹1.42 |
Basically: They doubled revenue every year for 3 years and managed to hold onto margins — even at 5% OPM, that’s impressive.
10. 👥 Shareholding – Who’s Holding the Bluetooth?
| Holder | Mar ‘25 |
|---|---|
| Promoters | 49.6% (down from 51.5%) |
| FIIs | 3.3% (up from 0.7%) |
| DIIs | 0.28% (falling) |
| Public | 46.8% |
| Shareholders | 4,773 and rising fast |
✅ FIIs have re-entered post promoter reinvestment.
🚨 DIIs are ghosting.
🧠 40,000+ investors in a ₹38 stock = potential hype machine.
🧠 EduInvesting Verdict™
Cellecor is not a fundamentals-first, cash-flow-heavy, Moat Capital™ pick. It’s a hustle stock.
- Zero to ₹1,000 Cr in 3 years
- ROE 25%
- Real brand recall
- Risky cash flows
- Promoters who sell… but also reinvest
In short — India’s boAt without the Shark Tank PR.
If they scale appliances, optimize working capital, and go profitable without burning ₹50 Cr per year, this can rerate hard.
Until then: high risk, high reward… but no Bluetooth earbuds included.
✍️ Written by Prashant | 📅 27 June 2025
Tags: Cellecor Gadgets, SME Stock, Consumer Electronics, ROE 25%, Zomato Partnership, EduInvesting, IPO Watch, High Growth Stock
